Log in
Accounting
1
answer
0
watching
108
views

Ravonette Corporation issued 319 shares of $12 par value commonstock and 119 shares of $49 par value preferred stock for a lumpsum of $15,381. The common stock has a market price of $20 pershare, and the preferred stock has a market price of $90 pershare.
Prepare the journal entry to record the issuance.

Be detail pls!

Watch
1
answer
0
watching
108
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Lelia Lubowitz
Lelia LubowitzLv2
28 Sep 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related questions

4. (TCO E) Parker Corporation has issued 2,000shares of common stock and 400 shares of preferred stock for a lumpsum of $72,000 cash.
Instructions:
(a) Give the entry for the issuance, assuming the par value of thecommon was $5 and the market value $30, and the par value of thepreferred was $40 and the market value $50. (Each valuation is on aper-share basis and there are ready markets for each stock.)
(b) Give the entry for the issuance assuming the same facts as (a)above except the preferred stock has no ready market value, and thecommon stock has a market value of $25 per share.

1. Environmental Designs issues 10,000 shares of its $1 parvalue common stock at $25 per share. (1) Record the issuance of thestock. (2) Record the issuance of the stock assuming it is no-parvalue stock.

2. Indicate whether each of the following transactions increases(+), decreases (-), or has no effect (NE) on total assets, totalliabilities, and total stockholders’ equity.

Total

Total Total Stockholders’

Transactions Assets Liabilities Equity

Issue common stock

Repurchase treasury stock

Sale of treasury stock

Declare cash dividend

Pay cash dividend

15% stock dividend

3. Diane's Designs has two classes of stock authorized: 8%, $10par preferred and $1 par value common. The following transactionsaffect stockholders' equity during 2016, its first year ofoperations:

January 1 Issue 200,000 shares of common stock for $15 pershare.

February 6 Issue 1,000 shares of preferred stock for $11 pershare.

October 10 Repurchase 10,000 shares of its own common stock for$18 per share.

November 12 Reissue 5,000 shares of treasury stock at $20 pershare.

December 5 Reissue 3,000 shares of treasury stock at $15 pershare.



Record each of these transactions.

4. Bostick Inc. has 60,000 shares of $2.00 par value commonstock outstanding and declares and distributes an 18% stockdividend. The market value of the stock was $45. Journalize thedeclaration and distribution of the stock dividend.

Complete each question record transactions


Question 1

Hernandez Company had the following stock transactions duringthe year:

  1. Issued 25,000 shares of $1 par common stock for $25,000.

  2. Issued 20,000 shares of $1 par common stock for $22,000cash.

  3. Issued 22,000 shares of $1 par common stock for $21,000cash.

  4. Issued 2,000 shares of $50 par, 8% preferred stock for $100,000cash.

  5. Issued 1,000 shares of $50 par, 8% preferred stock for $49,000cash.

  6. Issued 1,000 shares of $50 par 8% preferred stock for$51,500

  7. Issued 2,500 shares of no-par common stock for $11,875 cash

  8. Issued 1,500 shares of no par 7% preferred stock for $72,000cash.


Question 2

Kris Kraft Stores had the following stock transactions duringthe year.

  1. Issued 4,000 shares of no par common stock with a stated valueof $10 per share for $40,000 cash.

  2. Issued 6,000 shares of no par common stock with a stated valueof $8 per share for $50,000 cash.

  3. Issued 5,000 shares of no par 6% preferred stock with a statedvalue of $15 per share for $75,000 cash.

  4. Issued 3,000 shares of no par 6% preferred stock with a statedvalue of $20 per share for $58,000 cash.

  5. Issued 10,000 shares of $8 par common stock with a $9 fairmarket value for a building with an uncertain fair marketvalue.

  6. Issued 10,000 shares of $5 common stock for land with a fairmarket value of $50,000.

  7. Issued 8,000 shares of $50 par, 8% preferred stock for land witha fair market value of $405,000.


Question 3

During the year ended December 21, 2013, Smith Company completedthe following transactions:

  1. 04/15 Declared a semiannual dividend of $0.80 per share onpreferred stock and $0.05 per share on common stock to shareholdersof record on 05/05, payable on 05/10. Currently, 4,000shares of $100 par preferred stock and 50,000 shares of $1 parcommon stock are outstanding.

  2. 05/05 Record date of record entry.

  3. 05/10 Paid cash dividends.

  4. 10/15 Declared semiannual dividend of $0.80 per share onpreferred stock and $0.50 per share on common stock to shareholdersof record on November 5, payable on November 20.

  5. 11/5 Record date of record entry.

  6. 11/20 Paid cash dividends

  7. 11/22 Declared a 10% stock dividend to shareholders of record onDecember 8, distributable on December 16. Market valueof the common stock was estimated to be $8.

  8. 12/08 Record date of record entry.

  9. 12/16 issued certificated for common stock dividend.

  10. 12/20 Board of directors declared a two for one common stocksplit.





Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in